KUALA LUMPUR: Dolomite Industries Company Sdn Bhd has entered into shares sale agreement with Sunway Holdings Sdn Bhd to dispose of its100 per cent equity interest in Dolomite Granite Quarry Sdn Bhd for RM125 million.
Dolomite Industries is a wholly owned subsidiary of Dolomite Corporation Bhd while Sunway Holdings is a wholly owned subsidiary of Sunway Bhd.
“The proposed disposal allows the company to unlock the value of its quarry assets. The proceeds from the disposal is expected to reduce the group’s gearing after the utilisation of the advance for the payment of redemption sum to Maybank Labuan.
“The loans secured from Maybank Labuan to Dolomite Power Shandong (HK) Limited had been utilised for the construction of a thermal power plant in Shandong province of China,” it said in filing with Bursa Malaysia today.